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OSIRIS PROPERTIES INTERNATIONAL LTD - Abridged unaudited consolidated results for the three months ended 30 November 2013

Release Date: 27/02/2014 17:00
Code(s): OPI     PDF:  
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Abridged unaudited consolidated results for the three months ended 30 November 2013

Osiris Properties International Limited
(Incorporated in Bermuda with registration number 46566)
BSX share code: OPI.BH
JSE share code: OPI
ISIN: BMG6786C1038
(“Osiris Properties” or “the Group” or “the Company”)


ABRIDGED UNAUDITED CONSOLIDATED RESULTS FOR THE THREE MONTHS ENDED 30 NOVEMBER 2013

Osiris Properties was incorporated on 16 May 2012 in Bermuda with the primary objective of opportunistically acquiring good
quality undervalued property assets (predominantly in the UK and Europe), in order to offer investors a high yielding, property
investment. The Company’s primary listing is on the Bermuda Stock Exchange (“BSX”). It has a secondary listing on the
Alternative Exchange of the JSE Limited (“AltX”).

REPORTING CURRENCY

The Company’s results are reported in Pounds Sterling.

BUSINESS REVIEW

Osiris Properties has performed in line with expectations following its listing on the BSX and the AltX and the successful
acquisition of Trito Petersfield Limited, which owns a residential property in the United Kingdom, with effect from 1 June 2013.
Currently, this is the only property in the Group’s portfolio and as a result corporate administrative expenses are diluting
earnings. This should improve as the portfolio is expanded.

PROSPECTS

The Company remains committed to increasing its portfolio in the next financial year.

DIVIDEND

No dividend has been declared for the period under review.

BASIS OF PREPARATION

These abridged unaudited consolidated results for the three months ended 30 November 2013 have been prepared in accordance
with International Financial Reporting Standards, including IAS34 – Interim Financial Reporting, the rules of the BSX and the
Listings Requirements of the JSE Limited.

ACCOUNTING POLICIES

The results below have not been audited or reviewed by the Company’s external auditors, Deloitte & Touche BVI. The
accounting policies adopted are consistent with those published in the audited annual financial statements for the year ended 31
August 2013.

By order of the Board

Serge Richard                                                          Peter Todd
Chairman                                                               Chief Executive Officer

Bermuda
27 February 2014
Property information
                                                       Market       Annualised     Sector              Occupancy
                                                      Value as      gross rental                             (%)
                                                         at 31          income
                                          Lettable     August                (£)
                                             Area        2013                                                      Net initial
                          Properties        (sq ft)        (£)                                                         Yield
 Property address              (No.)                                                                                     (%)
 15-17 The Square,
 Petersfield, GU32 3HP,
 England                            1        1,940    735,000           39,400     Residential             100.0          4.7
 Total                              1        1,940    735,000           39,400                             100.0          4.7



ABRIDGED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the three months ended 30 November 2013


                                                                      Unaudited Three months                   Audited Year
                                                                                       ended                          ended
                                                                           30 November 2013                   31 August 2013
                                                                                           £                               £
 Revenue
 Gross rental income                                                                   9,050                         66,440
 Total revenue                                                                         9,050                         66,440
 Expenses
 Administrative expenses                                                              (3,603)                      (23,822)
 Investment management and professional fees                                          (8,572)                      (70,660)
 Property operating expenses                                                          (3,395)                       (9,578)
 Net operating income                                                                 (6,520)                      (37,620)
 Net fair value gain on investment property                                               -                              -
 Profit from operations                                                               (6,520)                      (37,620)
 Interest income                                                                          30                           475
 Interest expense                                                                         -                        (23,031)
 Foreign currency loss                                                                    86                        (6,569)
 Profit for the period before tax                                                    (6,404)                       (66,745)
 Taxation                                                                                -                               -
 Profit for the period after tax                                                     (6,404)                       (66,745)
 Other comprehensive income                                                              -                               -
 Total comprehensive income                                                          (6,404)                       (66,745)

 Actual number of shares in issue ('000)                                             664,180                       664,180
 Weighted average number of shares in issue ('000)                                   664,180                       664,180
 Basic earnings/(loss) per share (pence)*                                             (0.96)                       (10.05)
 Headline earnings/(loss) per share (pence)*                                          (0.96)                       (10.05)




 Reconciliation of (loss)/earnings and headline (loss)/earnings:
 (Loss)/profit for the period attributable to shareholders                           (6,404)                     (66,745)
 Net fair value gain on investment property                                               -                           -
 Headline (loss)/earnings attributable to shareholders                               (6,404)                     (66,745)


* The Company does not have any dilutionary instruments in issue.


ABRIDGED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 November 2013

                                                         Unaudited
                                                             as at                      Audited
                                                      30 November                          as at
                                                             2013                 31 August 2013
                                                                £                             £
Assets
Non-current assets
Investment property                                        735,000                       735,000
Current assets                                              39,601                        47,640
Total assets                                               774,601                       782,640
Equity and liabilities
Capital and reserves
Share capital                                                   66                            66
Share premium                                              538,290                       538,290
Retained earnings                                           39,564                        45,968
Total equity attributable to shareholders                  577,920                       584,324
Liabilities
Trade and other payables                                   196,681                       198,316
Total liabilities                                          196,681                       198,316
Total equity and liabilities                               774,601                       782,640




ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the three months ended 30 November 2013


                                             Share           Share   Retained               Total
                                            capital       premium    earnings              equity
                                                  £              £            £                 £
Balance at 1 September 2012                     66         538,290     112,713           651,069
Total comprehensive income for the period         -              -    (66,745)           112,713
Balance at 31 August 2013 – audited             66         538,290       45,968          584,324
Balance at 1 September 2012                     66         538,290       45,968          584,324
Total comprehensive loss for the period           -              -      (6,404)           (6,404)
Balance at 30 November 2013 - unaudited         66         538,290       39,564          577,920



ABRIDGED CONSOLIDATED STATEMENT OF CASH FLOWS
For the three months ended 30 November 2013

                                                                     Unaudited                      Audited
                                                                   period ended                  year ended
                                                              30 November 2013               31 August 2013
                                                                              £                           £
 Net cash (utilised in) / generated from operating
 activities                                                            (5,713)                       67,186
 Net cash utilised in investing activities                                  -                      (126,498)
 Net cash generated from financing activities                               -                            -
 Effect of exchange rate fluctuations on cash held                         86                       (6,569)
 Net cash at the beginning of the period                               43,424                       109,305
 Net cash at the end of the period                                     37,797                        43,424



Registered office
Williams House, 20 Reid Street, Hamilton, Bermuda, HM11

Directors: Serge Richard (Independent non-executive chairman), Peter Todd (Chief Executive Officer), Nicolaas Faure (Finance
director), Julie Lamberth-Dawson (Executive director), James Keyes (Independent non-executive director),
David Brown (Independent non-executive director), Tiffany Purves (Independent non-executive director).

Auditors: Deloitte & Touche BVI

Transfer secretary: Computershare Investor Services (Pty) Ltd, Ground Floor, 70 Marshall Street, Johannesburg, 2001, South
Africa

Registrar and transfer agent: Apex Fund Services Ltd

BSX sponsor: Global Custody and Clearing Limited

JSE sponsor: Java Capital

Company secretary: Apex Fund Services Ltd

Date: 27/02/2014 05:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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